Leeman Julia A. 4

What Happened

• Julia A. Leeman, SVP – Campus Operations, had performance-based restricted stock units (PSUs) vest on March 14, 2026 (reported as an exercise/conversion, code M). The filing shows 3,832 shares acquired on vesting. To satisfy tax withholding, she surrendered (disposed) a total of 4,690 shares (code F) at $35.78 per share, representing $167,809 withheld.

Key Details

• Transaction date: March 14, 2026; Form filed March 17, 2026 (within the standard two-business-day window).
• Acquired: 3,832 shares (code M) at $0.00 reported — result of PSU vesting.
• Disposed for tax withholding: 591, 468, 297 and 3,334 shares (total 4,690) at $35.78 each; total value withheld = $167,809.
• Net share change from these entries: -858 shares (3,832 acquired minus 4,690 surrendered).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes: F1 = shares surrendered to issuer to satisfy tax withholding; F2 = these were performance-based RSUs granted Mar 7, 2023 that vested at 200% of the target (hence 3,832 shares); F3 = 15,590 unvested RSUs remain outstanding for the reporting person.
• Transaction codes explained: M = exercise/conversion of derivative (vesting of PSUs); F = shares withheld/disposed to cover tax obligations.

Context

• This was not an open-market sale for cash but a routine surrender of shares to cover tax withholding tied to PSU vesting. Such transactions are common when awards vest and do not necessarily signal insider buying or selling intent.